📊 Technical Analysis
▪️BTC/USDT D1 Timeframe
The D1 candle on 29/10 has a wide range, with large volume pushing the price close to ATH. Yesterday, the upward momentum of #BTC slowed down as the volume began to decrease and formed a bearish pinbar candle, simultaneously creating an inside bar price action pattern.
Since creating the ATH of $73,777 on 14/03/2024, it has taken #BTC 229 days to approach this level again. Therefore, the resistance at $73.7xx is the last barrier for the Bears. This timing coincides with the end of the month and several important events are about to occur, so strong pump and dump scenarios in the thousands of price are not excluded.
If the resistance breaks out, the next levels to watch will be $78.600 + $82.500.
Overall, the wave structure of #BTC still clearly shows sideways movement at the peak, however, due to creating higher highs and higher lows, it will lean towards price increase. The main plan is to wait to buy at the support area below.
▪️BTC/USDT H4 Timeframe
After breaking out of the resistance at $69.5xx, #BTC experienced a strong upward movement without any technical pullback.
At the time of writing, #BTC continues to approach the ATH region, so in my opinion, it is advisable to limit longs here and wait to buy when the price retests the PPZ + the psychological support area of $70k below.
For those who follow the "train resistance" approach, setting a short position here with small volume is not necessarily a bad idea, but absolutely cut losses when #BTC creates a new ATH.
Next month, there will be an extremely important event in both economic and political terms, which is the US presidential election, making the market highly unpredictable. Therefore, observing and monitoring is the wisest choice.
Reference plan for futures traders:
- Long entry $69.5xx - $70.0xx, stoploss $67.300
- Short entry $73.3xx - $73.7xx, stoploss $74.888
▪️Key levels to pay attention to: 65400 - 69500 - 70000 - 73777
* The above is entirely a personal opinion, not investment advice!
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$BTC
